InterDigital, Inc. (IDCC) Upgraded by ValuEngine to “Strong-Buy”
InterDigital, Inc. (NASDAQ:IDCC) was upgraded by research analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report released on Thursday.
Several other analysts also recently weighed in on IDCC. B. Riley reiterated a “buy” rating and set a $100.00 price target on shares of InterDigital in a research note on Thursday, May 4th. Zacks Investment Research downgraded InterDigital from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. Barclays PLC reiterated an “equal weight” rating and set a $88.00 price target (down previously from $94.00) on shares of InterDigital in a research note on Friday, February 24th. Finally, Benchmark Co. started coverage on InterDigital in a research note on Tuesday, April 25th. They set a “hold” rating on the stock. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $92.50.
Shares of InterDigital (NASDAQ:IDCC) traded up 0.55% on Thursday, reaching $82.65. The company’s stock had a trading volume of 131,656 shares. InterDigital has a 12-month low of $51.97 and a 12-month high of $102.30. The stock has a market cap of $2.87 billion, a PE ratio of 9.30 and a beta of 1.25. The firm has a 50 day moving average price of $85.42 and a 200-day moving average price of $86.73.
InterDigital (NASDAQ:IDCC) last posted its quarterly earnings results on Thursday, April 27th. The Wireless communications provider reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.22. The business had revenue of $94.53 million for the quarter, compared to the consensus estimate of $92.90 million. InterDigital had a return on equity of 33.71% and a net margin of 40.78%. The company’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.79 EPS. Equities research analysts expect that InterDigital will post $2.89 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Wednesday, April 12th were paid a $0.30 dividend. The ex-dividend date was Monday, April 10th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.46%. InterDigital’s payout ratio is 20.55%.
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In other news, CFO Richard Brezski sold 10,000 shares of the company’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $84.93, for a total value of $849,300.00. Following the sale, the chief financial officer now owns 27,681 shares in the company, valued at $2,350,947.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lawrence F. Shay sold 8,000 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $85.88, for a total value of $687,040.00. Following the completion of the sale, the executive vice president now owns 48,458 shares in the company, valued at approximately $4,161,573.04. The disclosure for this sale can be found here. Insiders sold 29,096 shares of company stock worth $2,469,658 in the last 90 days. Company insiders own 1.50% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new position in InterDigital during the first quarter worth $21,151,000. Caxton Associates LP acquired a new position in InterDigital during the first quarter worth $345,000. Tudor Investment Corp ET AL boosted its position in InterDigital by 380.1% in the first quarter. Tudor Investment Corp ET AL now owns 18,245 shares of the Wireless communications provider’s stock worth $1,575,000 after buying an additional 14,445 shares during the last quarter. AQR Capital Management LLC boosted its position in InterDigital by 17.7% in the first quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock worth $56,834,000 after buying an additional 99,018 shares during the last quarter. Finally, Gotham Asset Management LLC boosted its position in InterDigital by 29.7% in the first quarter. Gotham Asset Management LLC now owns 371,155 shares of the Wireless communications provider’s stock worth $32,031,000 after buying an additional 84,884 shares during the last quarter. 69.84% of the stock is owned by institutional investors.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company is focused on three technology areas: cellular wireless technology, Internet of things (IoT) technology, and, through its Hillcrest Laboratories, Inc (Hillcrest Labs) subsidiary, sensor and sensor fusion technology.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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